Investors in banking stocks drive capitalisation higher, up N84bn


By Philemon Adedeji

At the Nigerian Exchange Limited (NGX), yesterday domestic equities bounced back from losses recorded earlier in the week, as the benchmark All-Share Index (ASI) increased by 153.31 absolute points representing 0.29 per cent to close at 52,752.96 index points from 52,599.65 index points it closed on previous trading trade.

On market movers, gains in Tier-1 banking names, Zenith Bank (+0.82 per cent), Stanbic  (+1.54 per cent) and Access  Corporation  (+4.44 per cent) buoyed the broader index.  Consequently, the gain puts the index on track for its third consecutive weekly gain since the week ended 13 January.

The year-to-date (YTD) return rose to 2.93 per cent while the market capitalisation gained N83.51 billion to close at N28.733 trillion.

The upturn performance was driven by price appreciation in large and medium capitalised stocks which are Geregu Power, Access Corporation, Zenith Bank, Wapic Insurance and 21 others.

The breakdown of yesterday’s market activities indicated that trade turnover closed lower relative to the previous session, with the value of transactions down by 24.84 per cent.

The trade volume increased by 16.6 per cent to close at 139,681,557 million share valued at N2. 021 billion were exchanged in 3,549 deals.

Guaranty Trust Holding Company (GTCO) led the volume and value charts with 17.79 million units traded  in deals worth N433.176 million.

Market breadth closed positive at a 4.40-to-1 ratio with advancing issues outnumbering declining ones. The market sentiments as measured by market breadth closed positive as Geregu Power led 25 stocks on the performance table, while Rt. briscoe led 5 stocks on the laggards log.

On the gainers table, Geregu Power emerged as the overall price gainer with 10.00 per cent increased to close at N147.40 per share, Closely followed by Wapic Insurance which appreciated by 9.76 per cent to close at N0.45 per share, while Chellaram which recorded as the last third gainer rose by 9.70 per cent to close at N1. 81 per share.

INTENEGINS grew significantly by 9.43 per cent to close at N0.58 per share.

Triple G which emerged as the last fifth gainer went up by 9.09 per cent to close at N0.96 per cent.

On the laggards log, Rt. briscoe led as the overall best loser which shed 9.09 per cent to close at N0.30 per share, Royalex Exchange which followed lost 8.24 per cent to close at N0.78 per share, while Courtville Business Solution depreciated by 7.84 per cent to close at N0.47 per share.

Linkages Assurance which recorded as the last fourth loser dropped by 4.00 per cent to close at N0. 48 per share and Transcorp plc which recorded as the last fifth 0.82 per cent to close at N1.21 per share.

Transaction in the shares of Guaranty Trust Holding Company topped the activities chart with 17.792 million shares worth N433.176 million, followed by Access Corporation which transacted 15.378 million shares valued at N141.380 million while Fidelity Bank traded 11.903 million shares valued at N64.896 million.

Mutual Benefit Assurance accounted 6.851 million shares worth N2.394 million.

Dangote Sugar accounted 6.692 million shares worth N113.064 million.